In a shareholder letter, Dorsey said he expects other companies to follow suit soon and reduce headcount in the wake of AI advancements.
Update (Feb.27, 1:25 Am UTC): This article has been updated to include more information on Block’s job cuts and earnings results.
Jack Dorsey’s payments company Block will cut roughly 40% of its staff in a major shake-up, a decision the co-founder attributed to the rapid acceleration of AI at the company.
“We're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company, and that's accelerating rapidly,” wrote Dorsey in a letter to the company, which he shared on X.
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